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Writer Invest Seoul Day18-10-17 17:15 View286


Seoul Metropolitan Government launches construction of the ‘Public Support Center’ that will be the hub of R&D promotion in Magok Industrial Complex



Construction of the public support center (tentatively named the ‘M-hub Center’), which will comprehensively support and manage the 'hidden champions' located in Magok Industrial Complex by serving as a hub of activity, began on Sep. 10. The center is scheduled to open in May 2021.


The public support center will be built with a gross floor area of 21,425in a building in the Magok Industrial Complex with eight floors above ground and four basement floors. The center will be equipped with a range of facilities, including a space for the business operations of 'hidden champions' focusing on R&D, a space for nurturing start-up companies, a space for business support (commercialization, investment, consulting, etc.), an international conference room, the industrial complex management office, PR & exhibition hall, in order to support new growth engine industries.


The city had decided on the location of the center, as well as its size, function, space organization, etc. in 2015 after conducting a feasibility study for the construction of the public support center and preparing the basic plan through an outsourcing service. The design process was completed in May of this year.


In addition, the city will establish a R&D environment for convergence research among industries by leasing spaces for the business operations of 40 'hidden champions' and 30 research spaces that will support the growth of start-up companies at a rental fee that is below market value for the area to lower the entry barriers for hidden champions and start-up companies that were unable to move into Magok Industrial Complex due to their small business scale and financial limitations. 


Physical infrastructure is not the only thing being established. The center will offer a range of support programs to help hidden champions and start-up companies with management consulting, commercialization of technology, investment support, training talented people and global advancement that are most needed by them. At the same time, the center will attract universities and public research institutes, encourage technology exchanges, operate the M-valley Forum as a communication channel for cooperation, and raise development funds to support the 'hidden champions' throughout their entire business lifecycle. 


(Reference : http://mediahub.seoul.go.kr)



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